Indian edtech Unacademy cuts another 250 jobs [TechCrunch]
SOFTBANK GRP UNSP/ADR (SFTBY)
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Source: TechCrunch
The Bengaluru-headquartered startup, valued at $3.4 billion in its last funding in 2021 , is cutting 100 jobs in core roles (marketing, business and product) and about 150 in sales, according to a source familiar with the situation. This new round of layoffs means that Unacademy will have cut about 2,000 jobs since the second half of 2022 An Unacademy spokesperson confirmed the layoff but didn't elaborate on how many individuals were impacted. The restructuring exercise has been “necessary” to stay on the startup's goal of reaching profitability, said Unacademy, which counts General Atlantic, SoftBank and Peak XV among its backers. The layoffs come at a time when Unacademy is in discussions with K12 Techno, the parent firm of school chain Orchid International, for a possible merger, according to two people familiar with the matter. More to follow.
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